Institutions in Florida, Illinois, Maryland and Utah failed Friday, bringing the year's total to 26.

The failed banks held combined assets of roughly $1.1 billion and their resolution is expected to cost the Deposit Insurance Fund more than $300 million.

The Federal Deposit Insurance Corp. could not find buyers for two of the failed institutions. In the seizure of Waterfield Bank, a $156 million-asset thrift in Germantown, Md., the agency created a temporary institution, Waterfield Bank FA, to allow customers access to their insured funds until they obtain accounts at other institutions.

The new bank will stay open until April 5, and hold all of Wakefield's insured deposits besides certificates of deposits and individual retirement account funds, which the FDIC will pay off directly. The agency estimated just over $400,000 of the bank's $156 million in deposits were uninsured. The resolution was projected to cost the government $51 million.

Acquirers also passed on $215 million-asset Centennial Bank in Ogden, Utah. The FDIC will pay off Centennial's customers directly for their insured deposits, except for government funds such as Social Security payments. Those will be managed by Zions National Bank in Salt Lake City.

The FDIC said almost $2 million of Centennial's $205 million in deposits were uninsured. The resolution was estimated to cost $96 million.

The biggest failure of the evening was $536 million-asset Sun American Bank in Boca Raton, Fla.

The FDIC said First-Citizens Bank & Trust Co. in Raleigh, N.C., agreed to assume all of Sun American's $443 million in deposits without paying a premium. First-Citizens will also take over roughly all of the assets, while sharing losses with the FDIC on 80% of those assets. The failure was estimated to cost the agency $104 million.

The fourth failure was $212 million-asset Bank of Illinois in Normal. Its operations were sold to Heartland Bank and Trust Co. in Bloomington, Ill. The buyer will pay a 3.6% premium for all of the failed bank's $198 million in deposits, and take over virtually all of its assets. The FDIC and Heartland agreed to share losses on $167 million of those assets. The FDIC estimated the failure will cost $54 million.

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